Chart EUR/GBP Update: Bouncing from fresh year low
The test below strong support at the 0.8375 multi-month Fibonacci retracement has bounced from 0.8362~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8475 | * | GBP/EUR 1.1800 | S1 | 0.8375 | ** | 76.4% ret of 2024-2025 fall | |
| R3 | 0.8450 | ** | congestion | S2 | 0.8362~ | 23 Oct YTD low | ||
| R2 | 0.8425 | break level | S3 | 0.8355 | ** | 29 May 2025 (m) low | ||
| R1 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S4 | 0.8333 | * | GBP/EUR 1.2000 |
Asterisk denotes strength of level
08:50 GMT - The test below strong support at the 0.8375 multi-month Fibonacci retracement has bounced from 0.8362~, with rising intraday studies prompting steady gains towards resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). Oversold daily stochastics are unwinding and the bearish daily Tension Indicator is also ticking up, suggesting room for a test above here. Focus will then turn to 0.8425. But mixed/negative weekly charts and bearish longer-term readings should prompt fresh selling interest towards here.
Following cautious trade, fresh losses are looked for. A later close below 0.8375 will add weight to already bearish price action and initially open up the 0.8355 monthly low of 29 May 2025.